A survey released by WorldatWork and the American Benefits Council indicates that the majority of employers are continuing to offer a 401(k) match:
A full 74 percent of employers reported no change in the employer matching contribution; 15 percent have either increased or are considering increasing the employer match; eight percent have either decreased or are considering decreasing the 401(k) match, and three percent reported eliminating the match.According to the survey, more than nine out of ten U.S. companies offer an employee 401(k) plan. In addition, despite the widely reported drop in account balances, two-thirds (66 percent) of organizations indicated that at least 70 percent of eligible employees participated in those 401(k) plans in 2008.
The survey was conducted in December of 2008 by WorldatWork, sampling 4,938 U.S. WorldatWork members. A total of 505 members responded to the survey.
Contrast that survey with this one by Sun Life on the Social Security System which indicates that 48% of Americans would prefer to stop paying into the Social Security system, knowing that they would not receive any benefits if they did. All of this may have to do with the lack of confidence in the government’s ability to continue to fund these programs as the survey indicates:
70% of workers in their 30s and 66% in their 40s do not believe Social Security will be available when they are 67.
More on this survey from Plan Sponsor here.